As debt levels continue to rise across America, Floridians are struggling more to keep up with their payments. High numbers of late payments are a clear sign that many people in the state are losing the battle against debt, debt relief in Florida is highly demanded lately.
Learning the pros and cons of each option can help you make a more informed decision. This article will also provide you with information on where to get help if you need it.
Drowning in debt can feel like you’re stuck in quicksand, but there are ways to get control of your finances. This guide will show you some debt statistics and practical steps you can take to get back on track in Florida.
Debt Consolidation Loans In Florida
Debt consolidation can help you get your finances under control by rolling multiple debt accounts into a single loan. This can include student loans, credit card debt, unsecured personal loans, and other accounts. By consolidating your debts, you can make budgeting and paying off your debt simpler and more efficient.
With a good credit score, you’re more likely to get a lower interest rate on your consolidation loan, which can save you money in the long run. However, if your credit score is below 600, it may be difficult to find a lender who’s willing to give you a loan.
Many sub-prime debt consolidation loans come with high-interest rates, making them difficult to afford. Consolidation loans in Florida are a great option for those with good credit, but you’ll need to do some research to make sure you’re not taking on an expensive new obligation.
When it comes to consolidating your debt, you have the option of either an unsecured or a secured loan. But which one is best for you?
Secured Loans
A secured loan is backed by collateral, such as a home, car, or piece of property. This makes it the easier option when consolidating debt. An unsecured loan, on the other hand, is only backed by a borrower’s promise to repay.
Unsecured Loans
With unsecured loans, you borrow money to repay other debts. The terms of an unsecured loan are typically similar to those of a standard personal loan: you pay the money back, plus interest, every month for a fixed period of time.
Florida Debt Statistics
Florida’s debt problem is worse than it appears on the surface. Although its credit card balances are only slightly higher than the national average, a very high number of late payments indicate that Floridians are struggling to keep up with their debts.
Credit Card Debt Statistics
Floridians have low incomes compared to other states in the U.S. The median income in Florida is $55,462, which is the 14th lowest average income in the country. Floridians also have high credit card debt, with an average of $8,620 per household.
If you look at the debt trends in Florida, it’s clear that Floridians have a tough time getting out of debt. The average interest rate for credit cards is 14.58 percent nationwide, and it’s slowly declining. In Florida, however, the average interest rate is much higher. This means that Floridians are struggling to keep up with their debt payments.
Although credit card interest rates for people with poor credit scores can be as high as 23.63 percent, this is not always the case. In fact, Florida’s average credit score is 680, which is just below the good range (700). This means that there are a significant number of Floridians who experience lower-than-average credit card interest rates.
Mortgage Debt
Mortgage debt in Florida has remained below the national average for the past decade. This trend began to change during the lead-up to the Great Recession of 2008 when the average mortgage debt for Floridians rose above the national average. However, since the recession ended, mortgage debt in Florida has once again fallen below the national average.
There are a number of factors that contribute to Florida’s ranking as the 20th state with the most mortgage debt. A high median home value ($214,000) is one contributing factor, as this is the third highest in the nation. Additionally, Florida’s median household income ($52,594)
As the state of Florida climbed out of the recession in 2010, mortgage debt for Floridians fell to 59 percent of total household debt. However, by 2019 this number had risen back above 60 percent. This trend mirrors the average mortgage debt in the state. In 2009, when the recession first began, the average inflation rate was 2.48%. However, as the economy began to improve, the inflation rate dropped to 1.46%. From 2017 to the present, we see a slight rise in the inflation rate, up to 1.67%.
Student Loan Debt
As the cost of higher education continues to rise, more and more students are taking out loans to finance their education. In Florida, the amount of student loan debt is steadily increasing, totaling $75.9 billion in 2019. Although this amount is slightly below the national average, it is still a significant burden for many Americans. Politicians often seem out of touch with the financial struggles of consumers, but student loan debt is actually a very relatable issue.
The cost of higher education can be a big financial burden for many students and their families. However, the state of Florida offers a variety of grants and scholarships to help high school graduates with the costs of attending college. On average, students in Florida have about $1,200 less in student loan debt than the average American student borrower.
Housing Market in Florida
The U.S. Census Bureau reports that Florida’s population has grown by 14.6% from 2010 to 2020. However, the number of housing units in the state has only increased by 9.7%.
U.S. housing prices have reached their peak in some cities, according to data from Florida Atlantic University. However, Florida’s real estate market is still expected to be stronger than other parts of the country.
- There are around 10,054,509 housing units in Florida.
- Over 85% of the units are occupied
- 67% are owner-occupied.
- The average cost of an owner-occupied home in Florida is $290,700.
Auto Loan Debt
Florida is one of the top eleven states in the U.S. for both auto loan debt and delinquencies. Of course, this is not just a problem in Florida; auto loan debt is widespread across the United States. With the price of automobiles and the length of financing terms steadily increasing, America’s love affair with the automobile seems headed toward a financial cliff.
Car loan debt in the United States has reached a staggering $1.3 trillion, with more than seven million Americans delinquent on their payments by the fourth quarter of 2018.
In other areas such as credit card debt, credit scores, and student loan debt, Florida is average or below when compared to the rest of the country. However, when it comes to auto loan debt, Florida has been consistently above the national average for many years.
According to recent statistics, paying off credit card debt is a major issue in this state.
Should I Do Debt Relief Or Debt Relief In Florida?
When you are struggling to make ends meet, it may be time to consider solutions like debt relief or consolidation. These can be game-changers that help you get back on track. If you have tried everything else without success, it may be time to try something new.
- Consolidation Loans
- Debt Relief
Debt consolidation can help you save money and keep track of your debt payments. By consolidating your debt, you can reduce the total amount you owe and make it easier to keep track of your payments.
Credit cards with 0% interest balance transfers can be a great way to pay off debt, but you need to make sure you do it before the 0% interest period expires. Plan ahead and you can save yourself a lot of money.
Debt consolidation and debt relief are two different things. Debt consolidation is a way to make your debt payments more manageable, while debt relief is something you should consider if you can no longer make all your debt payments.
It may be time to consider debt consolidation or debt relief if you have the following signs:
- You’ve tried creating a budget, but it’s just not working out. You can’t seem to make all your minimum payments on time, no matter how hard you try.
- Your creditors have refused to budge on more affordable payment terms.
- Collection agencies or creditors are often behind you for payments.
- Plunging credit score because of missing payments.
- Late payment penalties.
- High-interest debt
- Variable-rate debt becomes more expensive.
Debt problems are not something to be ignored. They will not go away on their own and can only get worse over time. If you find yourself in any of the situations described above, your next step should be to look into debt consolidation or relief options.
Debt Consolidation & Debt Relief: Avoid Scams in Florida
If you’re in debt and looking for answers, be careful of scams that promise easy solutions. These offers are often too good to be true, and you could end up in a worse situation than before. Be sure to work with a reputable company like Accredited Debt Relief.
There are a lot of scams out there promising quick and easy solutions to your debt problems. Don’t fall for it! These so-called solutions are usually too good to be true and will only leave you in more debt. Check this article to know how to identify debt consolidation scams.
- Beware of anyone who contacts you unexpectedly about debt relief programs. It’s better to research firms yourself and reach out to them directly.
- Be very careful about giving out sensitive personal or financial information to anyone unless you are absolutely sure that they are legitimate.
- So many companies will try to charge you upfront for their services, but this is actually illegal.
- Beware of any promises to “stop all collection calls” or settle your debts for a certain percentage. No one can make such guarantees.
Debt Relief Help in Florida: Government and Non-Profit Organizations
There are many ways to get help with expenses in Florida, whether you’re struggling to make ends meet or just trying to get by. Here are some resources that can help you out:
Food Stamps
If you’re low-income and residing in Florida, the Supplemental Nutrition Assistance Program (SNAP) can help you afford food. One way SNAP does this is through the Fresh Access Bucks program, which allows residents to use their SNAP benefits to buy fresh fruits and vegetables at farmers’ markets and food stands. If you’re looking for a healthy way to use your SNAP benefits, consider taking advantage of this great program.
Housing Assistance
If you are struggling to pay your rent, there are a number of organizations that can help you find affordable housing. Your local Public Housing Authority is a great resource for finding safe and affordable accommodations.
Charitable Loans & Aid
There are many programs in Florida that can help families in need. The School Readiness Program. provides assistance to parents with meeting their children’s needs. The Florida Department of Economic Opportunity offers help with energy bills for those who are struggling to make payments. These are just a few examples of the type of help that is available for those in need.
Florida Major Cities
- Jacksonville
- Miami
- Orlando
- Cape Coral
- Fort Lauderdale
- Tampa
- Coral Springs
- Tallahassee
- Gainesville
- Port Saint Lucie
- Saint Petersburg
- Pembroke Pines
- Miramar
- Hialeah
- Hollywood
Debt Relief Options for Floridians
Debt Consolidation Loans
If you have a lot of debt and are looking for a way to pay it off, a debt consolidation loan may be a good option. By consolidating all your debts into one loan with a lower interest rate, you can save money each month and get out of debt faster. This is an excellent solution for Florida residents with high debt and good credit.
Home Equity Loans and HELOCs
If you’re a homeowner in Florida, you may be able to get a home equity loan or line of credit (HELOC). These loans are based on the equity you have in your home. With property values increasing rapidly in many areas, many residents have built up substantial equity in their homes. Taking out a home equity loan can help you pay off credit cards and other debts, but it’s important to remember that if you can’t make the payments, you could lose your home to foreclosure.
Credit Counseling
There are many ways to get out of debt, and credit counseling can help you identify the best option for your situation. A certified credit counselor will provide a confidential debt and budget evaluation and then recommend a course of action that meets your needs and goals. Contact a credit counseling service today to get started on the road to financial freedom.
Debt Management Program
If you’re struggling with debt in Florida, bankruptcy may not be the best option. A debt management program can help you repay your debts and avoid credit damage. With an average of 36-60 payments, qualifying Floridians can get out of debt.
Debt Settlement
Floridians have another option for dealing with overwhelming debt: debt settlement. With debt settlement, you or a debt settlement company negotiate with your creditors to pay them a portion of what is owed. This will damage your credit rating because you are not paying the full amount owed, and late payments will hurt your credit rating for seven years. However, this can be an excellent program for Florida residents with overwhelming debt, as it can help them avoid bankruptcy.
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